Oilfield Services Market Outlook
According to the report by Expert Market Research (EMR), the global oilfield services market trends is projected to grow at a CAGR of 6.5% between 2023 and 2028. Aided by the increasing demand for oil and gas, and the expanding applications of oilfield services in various operations, the market is expected to grow significantly by 2028.
Oilfield services encompass a wide range of activities related to the exploration, extraction, and production of oil and gas. They are crucial for the smooth functioning of oil and gas operations and include services such as drilling, well completion, production, maintenance, and abandonment. The services play a vital role in ensuring the efficiency and safety of oil and gas operations, thereby contributing to the overall performance of the oil and gas industry.
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The growing demand for oil and gas due to rising global energy consumption is driving the global oilfield services market growth. With the increase in industrialisation and urbanisation worldwide, there has been a significant rise in energy demand, leading to an increase in oil and gas exploration and production activities. This, in turn, has escalated the demand for oilfield services.
Furthermore, the development of unconventional hydrocarbon resources has been a significant factor in the rising popularity of oilfield services, thereby aiding the global oilfield services market growth. The discovery and exploitation of shale gas and tight oil reserves have resulted in increased drilling and well completion activities, thereby boosting the demand for oilfield services.
The diversifying applications of oilfield services in various operations also contribute significantly to the global oilfield services market expansion. In drilling operations, oilfield services are employed for site preparation, rig set-up, and drilling. During the production phase, these services are used for well completion, maintenance, and repair. Moreover, the increasing need for reservoir studies and intervention operations has made oilfield services an essential aspect of the oil and gas industry.
Additionally, the rising focus on offshore and deepwater exploration and production activities due to depleting onshore reserves has intensified the demand for oilfield services. These operations are technically complex and require specialised services, further propelling the growth of the global oilfield services market.
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Oilfield Services Market Segmentation
The market can be divided based on service type, type, application, and region.
Market Breakup by Service Type
- Subsea Services
- Seismic Services
- Drilling Services
- Workover and Completion Services
- Production Equipment
- Processing and Separation Services
Market Breakup by Type
- Equipment Rental
- Field Operation
- Analytical and Consulting Services
Market Breakup by Application
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global oilfield services companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Schlumberger Limited.
- Weatherford International plc
- Baker Hughes Company
- Halliburton Energy Services, Inc.
- China Oilfield Services Limited
- Ranger Energy Services, Inc.
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